EUR/USD Price Analysis: Further upside hinges on 21-day EMA breakout

• EUR/USD struggles to extend post- Fed gains as short-term key EMA tests buyers.
• Bullish MACD signals, sustained trading beyond fortnight-old support hint at further advances.
• Parity level, descending resistance line from June act as additional trading filters.

EUR/USD seesaws inside the key EMA envelope as it pokes 1.0200 heading into Thursday’s European session. That said, the 21-day EMA restricts the major currency pair’s immediate upside while the 10-day EMA restricts the bear’s entry.

That said, the quote’s successful trading beyond two-week-long horizontal support joins bullish MACD signals to keep buyers hopeful.

However, a clear upside break of the 21-day EMA, around 1.0230, appears necessary for the bulls.

Following that, a seven-week-long resistance line, close to 1.0310 at the latest, will challenge the EUR/USD bulls before giving them control.

Alternatively, the 10-day EMA level near 1.0185 precedes the aforementioned horizontal area near 1.0120 to restrict the EUR/USD pair’s short-term downside.

Also acting as the downside filter is the 1.0100 threshold and the 1.0000 mark known as the parity level.

Should the EUR/USD pair remains bearish past 1.000, the recent low near 0.9950 and December 2002 low near 0.9860 will be in focus.

EUR/USD: Daily chart

Trend: Further upside expected